Michigan Heritage Bancorp, Inc.
28300 Orchard Lake Road
Farmington Hills, MI 48334
Stockwire.com: (OTCBB:MHBC) Michigan Heritage Bancorp, Inc. just released some important news.
Aug 14, 2008 (M2 PRESSWIRE via COMTEX) -- (OTCBB:MHBC) Michigan Heritage Bancorp, Inc. - Michigan Heritage Bancorp, Inc. Reports Second Quarter
A dedicated Chat Room for (OTCBB:MHBC) Michigan Heritage Bancorp, Inc. has been created at STOCKWIRE.com to discuss this news event.
Visit the following link to begin chatting with your fellow shareholders: http://www.stockwire.com/chat ----------------------------------------------------------
(OTCBB:MHBC) Michigan Heritage Bancorp, Inc.
FARMINGTON HILLS, Mich., Aug. 13 - Michigan Heritage Bancorp, Inc. , the holding company for Michigan Heritage Bank, recently announced a net loss of $1,315,000 or $0.87 per diluted share for the second quarter of 2008, compared to a net loss of $12,000 or $0.01 per diluted share for the same quarter of 2007. For the six-months ending June 30, 2008, the net loss was $1,488,000 or $0.99 per diluted share compared with net income of $78,000 or $0.05 per diluted share for the same six-month period of 2007. Total assets as of June 30, 2008 were $180,702,000, representing a decrease of $6,077,000 or 3.25% from December 31, 2007 and a decrease of $572,000, or 0.3% from June 30, 2007.
Net income for the six months ended June 30, 2008 was largely impacted by the increase of loan loss provision of $1,740,000. This provision was largely centered on three loans to local real estate developers. Net charge offs for the six-month period ended June 30, 2008 were $1,491,000, compared to a net recovery of $67,000 for the same six-month period of 2007. The Bank's allowance for loan losses increased from $1,851,000 or 1.28% of loans as of June 30, 2007 to $3,687,000 or 2.61% of loans as of June 30, 2008.
The Bank anticipates that future increases to loan loss provisions may be required in the third and fourth quarters of 2008. While the Bank is carefully evaluating any potential increases in loan loss provisions, it is unclear whether such increases would result in a material impact upon the Bank's overall capital position.
Raymond A. Biggs, the Bank's President and CEO, commented, "The challenges MHB faces will likely continue throughout 2008 and into 2009, as the local economy in Southeastern Michigan suffers from high unemployment, declining real estate values, and further softness in the auto industry. The distressed economic environment in Michigan continues to weigh heavily on general business activity. We are not unique in our situation, as many banks are experiencing similar stresses. While our challenges are not due to defaulted residential loans, they are primarily centered on 10 to 12 commercial loan relationship, which all have commercial real estate as the underlying collateral. With a lack of general economic activity, it is proving to be very difficult to pursue traditional paths when working out of these problem loans. We have taken steps to shore up collateral, require more equity and collateral from our borrowers and look for avenues to sell problem loans, where appropriate, and are taking additional measures to ensure the Bank is prepared if the economic stress continues."
Profile for Michigan Heritage Bancorp, Inc.
Michigan Heritage Bancorp, Inc. operates as the bank holding company for Michigan Heritage Bank (bank) that provides various commercial and consumer banking services. The bank primarily attracts deposits and makes loans. Its lending activities include commercial loans, commercial real estate loans, commercial equipment leases, direct financing leases, residential mortgage loans, home equity loans, and consumer installment loans. The bank accepts deposits that include noninterest bearing demand deposits, interest bearing checking and money market deposits, savings deposits, and time deposits. It also offers automated teller machine, telephone banking, and Internet banking services. As of Dece...
LAST $2.25 USD
About Stockwire: Stockwire is one of the largest communities for Micro Cap Investors. We are the only place on the internet to provide LIVE CHAT ROOMS for dedicated stocks.
We have also pioneering a new way to research companies before you invest them. It's called a Stockumentary. A Stockumentary is a documentary on a publicly traded company. Imagine a Dateline NBC segment, but on a publicly traded company. We are the first company to ever bring this type of quality research to investors in this format.
The Stockumentary has video interviews with management, product demos, video tours of office or factory, research reports, sec filings and much more. All of this is delivered to investors in high quality video, either by mail or email.
Stockwire.com is owned by Stockwire Research Group Inc. (SRGI) and is an independent electronic publication committed to providing our readers with factual information on selected publicly traded companies.
As detailed below, this publication accepts compensation from some of the companies from which it features. To the degrees listed herein, this Newsletter should not be regarded as an independent publication. All statements and expressions are the sole opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the Newsletter is neither an offer nor solicitation to buy or sell any securities mentioned.
While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein.
We encourage our readers to invest carefully and read the investor information available at the web sites of the Securities and Exchange Commission ("SEC") at www.sec.gov and/or the National Association of Securities Dealers ("NASD") at www.nasd.com. The NASD has published information on how to invest carefully at its web site.
Readers can review all public filings by companies at the SEC's EDGAR page. www.sec.gov/edgar.shtml
Stockwire.com is an independent electronic publication committed to providing our readers with factual information on selected publicly traded companies. Stockwire.com is not a registered investment advisor or broker-dealer. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward maximizing the upside potential for investors while minimizing the downside risk, whenever possible.
From time to time SRGI sells shares in the open market it receives as compensation for coverage of client companies. Since the shares are received as compensation for services as previously disclosed, and not for investment purposes, the editors do not view the sale of the shares as contradictory to any advice delivered in the content. This should be viewed as a conflict of interest by shareholders or prospective shareholders of the client companies.
Moreover, as detailed below, this publication accepts compensation from third party consultants and/or companies which it features on Stockwire.com. To the degrees enumerated herein, this newsletter and website should not be regarded as an independent publication.
The editor, members of the editor's family, and/or entities with which the editor is affiliated aside from Stockwire Research Group Inc. (SRGI) itself, are forbidden by company policy to own, buy, sell or otherwise trade stock for their own benefit in the companies who appear in the publication unless specifically disclosed in the newsletter.
THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN CONSENT OF THE EDITORS OF STOCKWIRE.COM.
We often accept restricted shares of company stock; by SEC regulations, restricted shares cannot be sold into the market for a period of at least one year from the time that the shares are issued. In such cases, we detail in the Disclaimer the specific term of any restrictions. We also receive compensation in the form of stock options, in which case we receive the right to buy shares of the stock of the company at issue, at a specified time and a specified price. In such circumstances, we specify on our Disclaimer the terms of the options received. On occasion, we also accept free-trading shares in a company that we cover. However, by policy we generally do not buy or sell any shares of a company's stock within three trading days after any such company's profile, commentary, or other company-specific information is disseminated on Stockwire.com Web site. In cases where we do trade within the three day window, our volume will never represent more than 5% of the daily volume, thereby minimizing any effect we could have on the potential price movement.
While our policies as detailed above are designed to minimize any impact upon our members of a conflict of interest between our company and our members, each member should be fully aware that such potential and actual conflicts of interest may well exist due to the compensation structure detailed herein. For this reason, and because the information contained on Stockwire.com is updated on a regular basis as circumstances change, each member is strongly encouraged to periodically review the Profile Compensation section at http://www.stockwire.com/disclaimer_profiles.htm.
CONTACT: The Stockwire Group Tel: +1 512 358 8440 e-mail: [email protected]
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to [email protected]
(C)1994-2008 M2 COMMUNICATIONS LTD